Corporate governance is a fundamental aspect of business operations, providing a framework ensuring

responsible leadership, effective control, effective decision-making and accountability within

organizations. It encompasses various principles and practices aimed at ensuring transparency,
integrity and responsible management. The six pillars of corporate governance are widely recognized
as key elements for maintaining an ethical and sustainable business environment. These pillars of
good corporate governance are namely accountability, transparency, fairness, independent assurance,
good leadership, and stakeholder management. In this discussion, I will examine the application of
these pillars in a listed company in Zimbabwe, with a specific focus on Econet Wireless Zimbabwe.

To start with, accountability which is being responsible for one’s action. A well-defined structure
should exist to hold directors and management responsible for their decisions. In Econet Wireless
Zimbabwe, the board should be accountable to shareholders through annual reports and AGMs.
Internal controls and a whistleblowing policy can further strengthen accountability. Econet Wireless
Zimbabwe should establish clear lines of accountability throughout its organizational structure. This
includes defining roles and responsibilities, implementing effective internal controls, and ensuring
that decision-making processes are transparent. The company should have a board of directors that
acts in the best interests of shareholders and holds management accountable for achieving strategic
objectives.

In the case of Delta Corporation, transparency can be demonstrated through regular and
comprehensive financial reporting. The company should provide detailed financial statements,
including balance sheets, income statements, and cash flow statements. Additionally, Delta
Corporation should disclose any material information, such as significant contracts, investments, or
risks that could impact the company's performance or the decision-making of stakeholders. Econet
Wireless Zimbabwe should prioritize transparency by providing timely and accurate information to its
shareholders, investors, and other stakeholders. This includes disclosing financial statements,
corporate policies, and any material information that could impact the company's performance. The
company should also ensure that its communication channels are open and accessible to stakeholders.
Timely and accurate disclosure of financial information and company activities is crucial. Econet
Wireless Zimbabwe should ensure its financial statements comply with International Financial
Reporting Standards (IFRS) and are readily available. Transparency also extends to clear
communication with stakeholders.

Moreover, fairness emphasis that all stakeholders, including shareholders, employees, and creditors,
should be treated equitably and providing them with equal access to information. This includes
ensuring that all shareholders have the opportunity to participate and vote at general meetings. Econet
Wireless Zimbabwe should have policies addressing conflicts of interest and ensure fair allocation of
resources and opportunities. It should strive for fairness in its operations. The company should have
mechanisms in place to address conflicts of interest and related-party transactions, ensuring that
decisions are made in a fair and unbiased manner. Additionally, the company should promote
diversity and inclusion in its workforce and strive for fair employment practices.

The other pillar is independent assurance, an independent audit provides external scrutiny of financial
statements. Econet Wireless Zimbabwe should engage a reputable audit firm to verify the accuracy of
its financial reporting. . Independent assurance ensures that financial reporting is conducted in
accordance with applicable accounting standards and regulations. The company should also establish
an internal audit function that operates independently to assess the effectiveness of internal controls
and risk management processes.

Econet Wireless Zimbabwe should have a board of directors comprised of more competent
independent individuals who possess the necessary skills, experience, and diversity to provide
effective oversight and strategic guidance. The board should act in the best interests of the company
and its shareholders, making informed decisions and ensuring ethical conduct. The company should
also invest in leadership development programs to foster a culture of good leadership throughout the
organization. The board should work closely with management to ensure effective execution of the
strategy. Lastly on good leadership, the board of directors of should consist of independent directors
who are not directly affiliated with the company. This helps ensure unbiased decision-making and
oversight. Independent directors can provide objective viewpoints and safeguard the interests of
shareholders.

Econet Wireless Zimbabwe should actively engage and manage its stakeholders. This includes
understanding their needs and concerns, maintaining open lines of communication, and considering
their interests in decision-making processes. These stakeholders include, shareholders, customers,
employees, regulators, and the local community just to name a few. The company should consider the
interests of all stakeholders, not just shareholders. It could demonstrate this through community
engagement programs, environmental sustainability initiatives, and fair labour practices. Protecting
stakeholder rights is crucial for maintaining investor confidence and promoting corporate governance.

In summary, by adhering to these six pillars of corporate governance, Econet can enhance its
reputation, attract investors, and foster long-term success. It is important to note that the effectiveness
of corporate governance practices may vary depending on the specific context and challenges faced
by the company. Therefore, continuous evaluation and improvement of these practices are essential
for ensuring their relevance and effectiveness.

It is worth noting that the Zimbabwe Stock Exchange (ZSE) has its own corporate governance
guidelines that listed companies are expected to follow. These guidelines provide additional
recommendations and requirements to enhance corporate governance practices in Zimbabwe.
Continuous improvement and addressing local challenges are essential for effective corporate
governance in Zimbabwe.